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Utah-Based Stocks Fall Along With Dow
BY STEVEN OBERBECK
THE SALT LAKE TRIBUNE
Over the past five trading days, shares in the 69 major publicly held companies that make up the Tribune Bloomberg Index for Utah gave up 4.26 percent of their value. The performance of Utah stocks overall was in line with the Dow Jones industrial average whose stocks lost 4.33 percent during the same five-day trading period. Only nine Utah companies managed to post gains since trading opened last Friday. The
price was unchanged for another nine companies, including ZCMI Corp.
Leading the pack of gainers was Cyclopss Corp., a Salt Lake City-based company that markets and develops ozone-based sterilization systems. Its shares have risen 22 percent in value. Cyclopss President William Stoddard believes the company's shares have been doing well because of publicity about plans to develop a sterilization system that processors can use to eliminate E. coli, salmonella and other harmful bacteria from food. ''Recent concerns about food contamination has resulted in a lot of investors getting their radar out there and looking for companies that may have answers to the problem,''he says.
Dynatec International's shares are up 16 percent since the close of trading on Oct. 23.The company on Monday received an initial order for its new telephone headset line from Lucent Technologies, says Dynatec Chief Finanical Officer Jerry Andersen. ''At the same time we also reported record third quarter sales,''he says. For the third quarter, Dynatec posted sales of $5 million compared with third quarter sales for 1996 of $2.6 million. Andersen says preliminary estimates have the company earning around $215,000 so far this year. ''That may not seem like much, but we have been spending heavily on research and development for our new products.'' At Salt Lake City-based Wasatch Advisors, which offers a family of five mutual funds, the performance of the Aggressive Equity, Micro-Cap, Mid-Cap and Growth funds were
off slightly over the past five days but not as much as the stock market overall, notes Michael Sligting, marketing executive. On the other hand, the net asset value of the Wasatch Hoisington U.S. Treasury Fund was up 1.4 percent over the same five-day period. The results were much the same at First Security Investment Management, which manages the operations of eight mutual funds from its Salt Lake City offices. ''Our Achievement Equity Fund and Achievement Balanced Fund have tracked in line with the market,'' says Sterling K. Jenson, president and chief executive officer. ''Our bond funds have done a little better.'' The Tribune Bloomberg Index for Utah is comprised of the 69 publicly held companies in the state that have a market capitalization of $10 million or more. Market capitalization is
calculated by multiplying the number of shares a company has outstanding by their market price.
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